verwendet werden können, desto besser.
Ein Instrumentarium dafür ist unter anderem die europäi-
sche EuP-Richtlinie mit ihren Durchführungsmaßnah-
men, die Mindesteffizienzstandards für Produkte vorge-
ben
regime i to regime j is
10 signalled at time t if p . p andThe last two tests are discussed in Engel and Hamilton it21ut21 jt21ut21
(1990). p , p . Over our sample there were threeit ut jt ut
[...] points when inflation changes its signal to be issued at time t if p .it21ut21
course from acceleration to deceleration and p and p , p . A signal for a switchjt21ut21 it ut jt ut
22vice versa. from a [...] turning point
P(S 5 juS 5 i, S 5 k, . . . )t t21 t22is thought to occur at the most extreme value of
inflation between two consecutive regimes. 5 P(S 5 juS 5 i) 5 pt t21 ij
2
and O p 5 1, i 5 1, 2ij8The
ULRICH BINDSEIL
AND FRANZ SEITZ
February 2001
E U R O P E A N C E N T R A L B A N K
WORKING PAPER SERIES
page
page
E U R O P E A N C E N T R A L B A N K
WORKING PAPER SERIES [...] international capital markets� by C. Detken and P. Hartmann,
April 2000.
20 �Convergence of fiscal policies in the euro area� by O. De Bandt and F. P. Mongelli,
May 2000.
21 �Firm size and monetary [...] and P. Hartmann, November 2000.
36 �Measuring core inflation in the euro area� by C. Morana, November 2000.
37 �Business fixed investment: Evidence of a financial accelerator in Europe� by P. Vermeulen
gap alone.2 The P* model may be summarized by
Svensson's equations (2.3), (5.2) and (5.3) (all variables except the interest rate
are in logs):
�t � �1ÿ ��p��tÿ1 � ��p�p�tÿ1 ÿ �p�ptÿ1 ÿ p�tÿ1� � �t �2:3� [...] than the output gap'.
3. On p. 70f. Svensson rewrites (2.3) to incorporate the real money gap instead of the price gap
(pÿ p�). The real money gap is �mÿ p��mÿ p�� � p� ÿ p, i.e. it is the negative of [...] paper `Does the P* Model Provide any Rationale for Monetary Targeting?' ± in
contrast to him ± in the affirmative. We argue that a strategy of monetary targeting
can be rationalized within the P* framework
Regensburg
Forum Neustadt Plus
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CATIA
CAD-Plattform für
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W o r k i n g P a p e r 6 4
Th e Fe d e r a l D e s i g n o f a C e n t r a l
B a n k i n a M o n e t a r y U n i o n :
T h e C a s e o f t h e E u r o p e a n
S y s t e [...]
* Corresponding address: CentER, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, The Netherlands.
Email: s.c.w.eijffinger@kub.nl, phone: +31 13 4662411 [...] two weeks to every month. President Duisenberg stated
in that respect the following (see ECB, 2001, p. 3): “Finally, I would like to inform you that the
Governing Council has decided that, as from today
Eurosystem: institutionelle und strategische Aspekte 133
Literatur
AKSOY, Y. / DE GRAUWE, P. / DEWACHTER, H. (2002): Do Asymmetries Matter for European
Monetary Policy?, in: European Economic [...] Purposes and Functions, Washington D.C., http://www.federalreserve.gov/pf/pf.htm, Mai 2002.
BOFINGER, P. (2001): Monetary Policy – Goals, Institutions, Strategies, and Instruments, Oxford.
BOSKIN, M. / DULBERGER [...] Bank- und Börsenwesen – Handbuch des Finanzwesen, , 40. Auflage, Stuttgart,
S. 1620-1639.
IRELAND, P.N. (2000): Interest Rates, Inflation, and Federal Reserve Policy since 1980, in: Journal
of Money,
and the Firm’s Financial Policy.
Review of Economic Studies 61, pp. 197-222
Butler, J. S. and P. Chatterjee (1997), Test of the Specification of Univariate and Bivariate
Ordered Probit. Review [...] 187-221
Ongena, S. and D.C. Smith (2000), Bank Relationships: A Review. , in Zenios, S. A. and P.
Harker (eds.), Performance of Financial Institutions (Cambridge University Press)
Oppenländer
time t:
xi t xi pi t P i t qi t Q i t Zi t( ) ( ( ), ( ), ( ), ( ), ( ))= − − , (1)
with x x x xi i i i1 2 3 40 0 0 0< > > <, , , .
pi(t) denotes the firm’s product price, P-i(t) is the vector of [...]
culated. The unconditional labour demand of firm i, li, is given by:
li t li tei t qi t Q i t P i t wi t uci t Zi t( ) ( ( ), ( ), ( ), ( ), ( ), ( ), ( ))= − − , (4)
with l l l l l li i i i i [...] design can lessen the impact of self selection of firms in the sample. See e.g.
Arellano/Bond (1991), p. 281.
14 This sample with 6405 observations is also the basis for the econometric estimation.
15 Kö
supplemented by taking a supply relation into consideration:
page
4
P
CV
Y
=
∂
∂
*Θ , (4)
where P represents the output price and Θ the mark-up over the marginal costs. The price [...] may depend on the growth rate of output.
For this reason we specify the price equation as
( )P w
CV
YY= +β β
∂
∂0 1 (20)
with Yw as the growth rate of real output.
Our investigation [...] 2: Summary statistics
Equation R2 Durbin-Watson ARCH CUSUM Jarque-Bera
CV
L/Y
M/Y
P
0.9997
0.9965
0.9850
0.9967
1.2695
1.1162
1.5771
1.4471
0.147
0.618
BOUTILLIER, Michel (1990), A Joint Estimation of
Demand for Investment and Labor. In: Artus, P., Muet, P.A. (eds.): Investment and Factor
Demand, S. 123-144.
ZIMMERMANN, Klaus F. (1989), Technolog
������ �� ��, ��� @DBJ@@B�
/����+ �-+ �- (������ �:;;> , +������� +���� �� %��������, K��� .���� P
���, 2�$ Q���
�� ��
/�����+ �- �:;;< , "��� ���� ����
� +���� �� � ������� �� ��
� � +���� $��� [...]
5�, 5 ����, ��, �� �� �, -� �%��� ,
����� #�� ���� �� %������� �� 9�� ��� � +�����,
K��� .���� P
���, *��������� �� ��, ��� <, ��� @>EJ@A@�
�����������+ "- �:;;A , ��� &��� �� .� ��� �� +����
zu einer (Zwangs-)Nachfrage nach Zentralbankgeld (Banknoten und Guthaben bei
der Zentralbank — P.1 und P.2 in Abb. 2) seitens der Kreditinstitute. Theoretisch ist aber
auch denkbar, dass die Zentralbanken [...] ute die Mindestreserve in Form
von Guthaben bei der Zentralbank (P.2 in Abb. 2) oder in Form von Bargeldbeständen
(bis auf Münzen in P.1 in Abb. 2 enthalten) halten. Beim Fed werden Guthaben und Bar-
[...] Passiva
A. 1: Währungsreserven P. 1: Banknotenumlauf
A. 2a: Forderungen an Kreditinstitute P. 2: Verbindlichkeiten gegenüber
A. 2b: Bestand an (staatlichen) Kre
narrow money?
page
E U R O P E A N C E N T R A L B A N K
WO R K I N G PA P E R S E R I E S
E
C
B
E
Z
B
E
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C
E
E
K
P
WORKING PAPER NO. 254
FORECASTING [...] BY C. BRAND2, H.-E. REIMERS3
AND F. SEITZ4
September 2003
E U R O P E A N C E N T R A L B A N K
WO R K I N G PA P E R S E R I E S
BACKGROUN
D STUDY
FOR THE EVALUATION
OF
THE ECB’S [...] B.S., Blinder, A.S. (1988): Credit, Money and Aggregate Demand, American
Economic Review, 78(2), P & P, pp. 435–439.
Beyer, A., J. Doornik, and D.F. Hendry (2000): Reconstructing Aggregate Euro-Zone
nach Banknoten (P.1 in Abb. 1).
Abb. 1: Grundstruktur einer Zentralbankbilanz; a) Banknoten außerhalb des Zentralbanksystems
Hauptstudium
Aktiva Passiva
Währungsreserven P.1: Banknotenumlauf [...] 2b: Bestand an (staatlichen)
Wertpapieren
P.2: Verbindlichkeiten ggü. Kredit-
Instituten (Einlagen,
Bankreserven, Bankenliquidität)
A.3: Sonstiges P.3: Sonstiges
A.1:
page
Hauptstudium [...] unerwarteten Rückflusses an Banknoten (in der Bilanz des
Eurosystems erfolgt eine Umbuchung: P.2 steigt, P.1 — Banknotenumlauf — sinkt, siehe
hierzu auch Abb. 1) zu einer Zunahme der Bankenliquidität,
inflationäres Umfeld zurück, das die Anleger vor einem langfristigen Engagement zurückschrecken ließ (P. De Grauwe: Economics
of Monetary Union, 5. Auflage, Oxford 2003, S. 31f.). Auf Grund des großen Vertrauens
(1992) Currency Use and Payments Patterns, Kluwer Aca-
demic Publishers, Dordrecht.
Caridi, P., Passerini, P. (2001) The Underground Economy, the Demand for Cur-
rency Approach and the Analysis of Dis [...] pp. 239–250.
Costa, C., De Grauwe, P. (2001) Monetary Policy in a Cashless Society, CEPR
Discussion Paper No. 2696, October 2001.
Costa Storti, C., De Grauwe, P. (2002) Electronic Money and the Optimal [...] ussio
n
P
ap
er
s
Schreft, S. L., Smith, B. D. (2000) The Evolution of Cash Transactions: Some
Implications for Monetary Policy, Journal of Monetary Economics, 46, pp.
97–120.
Schroder, P. J. H
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587–599.
[21] P. Kurzweil, Technical report, Dornier GmbH, Friedrichshafen, 1993.
[22] P. Kurzweil, W. Maunz, C. Plog, Sens. Actuators, B 24–25 (1995)
653–656.
[23] C. Plog, W. Maunz, P. Kurzweil, E [...] trip. Present fuel cells in test vehicles
∗ Corresponding author.
E-mail address: p.kurzweil@fh-amberg-weiden.de (P. Kurzweil).
are damaged irreversibly during a highway race. There is ur-
gent need [...] 8–11 July 1996.
[7] P. Kurzweil, O. Schmid, European Patent EP 0 764 727 B1, 1999.
[8] A. Koschany, C. Lucas, Th. Schwesinger, German Patent
DE 196 48 995 C 2, 2001.
[9] P. Kurzweil, German Patent
p
τ
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1
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t
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cue
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cu [...] tf
tc
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t
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cue
p
cu
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pp
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p
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cue
p
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p f
(10) ),,(*1),,(1),,(1
*
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*
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1 [...] tf
tc
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Conditions (6) and (7) refer to home optimisation, (8) � (10) to
einzelnen Länder in Kilometern; Quelle:
http://www.indo.com.
Literatur
Agarwal, J.P., Determinants of Foreign Direct Investment: A Survey, Weltwirtschaftliches
Archiv, Vol. 116, 1980 [...] 1988.
Dunning, J.H., Multinational Enterprises and the Global Economy, Wokingham, u.a. 1994.
Egger, P., European Exports and Outward Foreign Direct Investment: A Dynamic Panel Data
Approach, Weltwi [...] estfälischen Instituts für Wirtschaftsforschung, N.F., 1999, S. 129-148.
Jost, T., Nunnenkamp, P., Bestimmungsgründe deutscher Direktinvestitionen in
Entwicklungs- und Reformländern – Hat sich wirklich
early 1990s, with a second peak in 1991Q4 (amounting to 4.72 p.p.). Except for a short
time span in the mid-1990s (with a peak of –1.88 p.p. in 1994Q2), there is little
evidence of sizable downward [...] in which money directly
enters the Phillips curve.
49 See Issing (1995), p. 588 and p. 607.
50 See Schlesinger (2002), p. 147.
page
25
monetary target, we would not have responded so early [...]
51 See Schlesinger (1985), p. 91.
52 On the last two points, see e.g. Masuch et al. (2003).
53 See Schlesinger (1980), p. 35.
54 Richter (1999), p. 550.
page
26
less emphasis
of European Unemployment: The Aggregate Evidence«, Economic
Journal 110, C1–C33.
Blanchard, O. und P. Portugal (2001), »What Hides Behind an Unemploym-
ent Rate: Comparing Portugese and U.S. Labor Markets«
Tests an Macht (Power) gewin-
nen. Beispielsweise nimmt der Standardfehler für das zu
schätzende JA c. p. proportional zur Wurzel aus der An-
zahl der Beobachtungen ab. Gegen einen sehr langen Be-
obachtu [...] praktischen Anwendungen in Fi-
nanzanalyse und Portfoliomanagement, Uhlenbruch Verlag, 2001.
Reichling, P., Performance: Glück oder Können, in: WiSt – Wirt-
schaftswissenschaftliches Studium, 25. Jg. (1996)
of markets as mainly acting in a destabilising manner
is to my mind a biased one.“ T. P a d o a - S c h i o p p a : Exchange rate
issues relating to the acceding countries, Keynote speech at the IMF [...] ationäres Umfeld zurück, was die Anleger vor einem
langfristigen Engagement zurückschrecken ließ. Vgl. P. D e G r a u w e :
Economics of Monetary Union, 5. Aufl ., Oxford 2003, S. 31 f. Aufgrund
des großen [...] Europäische Zentralbank: Infl ation Differentials ....,
a.a.O., S. 39-42, vgl. hierzu auch H. R e m s p e rg e r : Wettbewerbs-
vorteile durch niedrige Infl ation, in: Deutsche Bundesbank, Auszüge
aus P